Current Edmonton Mortgage Rate News

Best Edmonton mortgage rates

Edmonton mortgage rates are expected to remain low, although some economists believe a moderate rate hike could occur in 2017. Discounted 5-year variable rates
from the big banks will likely stay close to 2.70% (Prime-0.0%).

Edmonton information

As the fifth-largest city in Canada, Edmonton is known as Canada's festival city, hosting over 30 festivals each year. It is also home to many world-known attractions such as the West Edmonton Mall – the fifth largest mall in the world, along with various world-class restaurants and entertainment centers. With a population of over 1 million, it has one of the most diversified economies in Canada and one of the strongest labour markets.

The Edmonton housing market1

The Edmonton real estate market is one of the most affordable in the Canada, according to an RBC market survey. Edmonton homes cost 31.2% of the typical household income – considerably low relative to the rest of Canada – using RBC's housing affordability index. In recent years, affordability has decreased slightly as household income has dropped. Nonetheless, affordability and pricing has been relatively stable.

MLS® Sales

MLS® Avg Price

Housing Starts

2015

18,227

$369,536

17,050

2016 forecast

16,100-16,900

$306,000-$314,100

8600-9600

2017 forecast

26,400-17,200

$310,400-$318,600

8600-9600

Edmonton housing starts are expected to stay relatively the same over the next two years. The decrease in housing starts from 2015 to 2016 is largely due to the slowdown in employment growth and lower consumer confidence in Edmonton. Meanwhile, vacancy rates are expected to rise to 4.2% as demand lowers.

Edmonton mortgage brokers

Getting in touch with an Edmonton mortgage broker
who has a firm understanding of the local housing and mortgage market can be beneficial if you're looking to buy a home in the city. A mortgage broker will handle all the rate negotiations so you can gain access to the best mortgage rates in Edmonton.